Just 8.5% of firms with connections to Russia have pulled out of the country despite pressure to do so because of the war in Ukraine, according to research.
A report by two professors analysed Orbis company data and found of 1,404 EU and G7 companies with “commercially active equity investments” in Russia before the invasion, 120 (8.5%) had left by the end of November 2022.
After Russia invaded in February 2022 many firms including McDonald’s, Coca-Cola and Pepsi withdrew or suspended operations in the country following international outcry.
Local authorities in the UK responded by cancelling contracts with suppliers based in Russia.
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